Cybersecurity Issues & Blockchain

Cybersecurity Issues Alleviated With Blockchain

Cybersecurity issues are cropping up as more people turn to the internet for everyday activities. Every single day, regardless of what centralized platform you use (such as Facebook or Google), your data is being collected in mass amounts. Since centralized platforms require all data to pass through a single point, they can easily collect scads of it every second of every day.

Your online identity is something that should be protected. Unfortunately, with the way technology is currently set up, there are gaping holes in terms of security. Blockchain, however, is a great way to up the security of just about any system. There are literally thousands of blockchain-based programs that allow you to increase your personal identity security. Truly, any cybersecurity issues can be fixed, or nearly so, by blockchain. (If you don’t know what a blockchain is, read about it here!)

Everything from email encryption services to smart contracts exist, in order to keep your data as safe as humanly (or technologically) possible. Data security is such a large issue that it affects many industries across the board. Healthcare, for example, is a great place to see especially sensitive data. Patient information is often kept on centralized servers, ripe for hacking. (You can read about how blockchains will impact the healthcare industry here!)

Hacking can occur in centralized networks with relative ease. As previously mentioned, all data must pass through a single point. In order to hack a centralized system, one must simply get into that sole point-of-entry. But because blockchain relies on a decentralized network, hacking is much harder to do.

Of course, it’s not downright impossible—just highly improbably—but a hacker must get into every single computer participating in a transaction all at once. So, he’d have to have massive computing power to break into any given blockchain transaction. Blockchain truly provides a way for data to be stored without worries of cybersecurity issues and breaches.

Fidelity Investment is one of the largest asset management firms in the world. And they’ve shown affection for blockchain and crypto before. Now they are taking it a step further, and making some real progress in their business on the blockchain.